Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following activities is NOT associated with the purchase and payments business process?

Paying suppliers

Issuing sales invoices to customers

Receiving inventory

Recording accounts payable

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Verified step by step guidance

Step 1: Understand the purchase and payments business process. This process typically involves activities related to acquiring goods or services and making payments to suppliers. Key activities include receiving inventory, recording accounts payable, and paying suppliers.

Step 2: Analyze each option provided in the question to determine whether it aligns with the purchase and payments business process. For example, 'Paying suppliers' is directly related to this process as it involves settling obligations with suppliers.

Step 3: Evaluate 'Receiving inventory.' This activity is part of the purchase process because it involves accepting goods or services from suppliers.

Step 4: Consider 'Recording accounts payable.' This activity is also part of the purchase and payments process, as it involves documenting the liability owed to suppliers for goods or services received.

Step 5: Examine 'Issuing sales invoices to customers.' This activity is not associated with the purchase and payments business process. Instead, it is part of the sales and revenue process, which involves generating invoices for customers after selling goods or services.